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<TYPE>EX-99.77I NEW SECUR
<SEQUENCE>3
<FILENAME>get77i1.txt
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THE GABELLI EQUITY TRUST INC.
EXHIBIT TO ITEM 77I


The Gabelli Equity Trust Inc. (the "Fund"), organized as
a Maryland Corporation, issued a new series of Preferred
Stock on September 28, 2012, valued at a total of $105
million (4.2 million shares) of 5.00% Series H Cumulative
Preferred Stock (the "Series H Preferred Stock").  The
Cumulative Preferred Stock is senior to the common stock
and results in the financial leveraging of the common
stock. Such leveraging tends to magnify both the risks
and opportunities to common shareholders. Dividends on
shares of the Cumulative Preferred Stock are cumulative.
The Fund is required by the Investment Company Act of
1940, as amended (the "1940 Act"), and by the Articles
Supplementary to meet certain asset coverage tests with
respect to the Cumulative Preferred Stock. If the Fund
fails to meet these requirements and does not correct
such failure, the Fund may be required to redeem, in part
or in full, the Series H Preferred Stock at redemption
prices of $25 per share plus an amount equal to the
accumulated and unpaid dividends whether or not declared
on such shares in order to meet these requirements.
Additionally, failure to meet the foregoing asset
coverage requirements could restrict the Fund's ability
to pay dividends to common shareholders and could lead to
sales of portfolio securities at inopportune times.

The holders of Cumulative Preferred Stock generally are
entitled to one vote per share held on each matter
submitted to a vote of shareholders of the Fund and will
vote together with holders of common stock as a single
class. The holders of Cumulative Preferred Stock voting
together as a single class also have the right currently
to elect two Directors and under certain circumstances
are entitled to elect a majority of the Board of
Directors. In addition, the affirmative vote of a
majority of the votes entitled to be cast by holders of
all outstanding shares of the preferred stock, voting as
a single class, will be required to approve any plan of
reorganization adversely affecting the preferred stock,
and the approval of two-thirds of each class, voting
separately, of the Fund's outstanding voting stock must
approve the conversion of the Fund from a closed-end to
an open-end investment company. The approval of a
majority (as defined in the 1940 Act) of the outstanding
preferred stock and a majority (as defined in the 1940
Act) of the Fund's outstanding voting securities are
required to approve certain other actions, including
changes in the Fund's investment objectives or
fundamental investment policies.
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